cinema & leisure investment coolock, …...description leisure building the property comprises a...

L E I S U R E I N V E S T M E N T O P P O R T U N I T Y

FOR SALE BY PRIVATE TREATY

CINEMA & LEISURE INVESTMENT COOLOCK, DUBLIN 17

DRAFT

Investment Considerations• Two adjoining leisure investment properties offered

for sale as one lot

• Ideally located on the busy Malahide Road, within a large residential population of 76,349 (Source Census 2016)

• The leisure building extends to 4,074 sq m (43,858 sq ft) over two floors and is let to Leisureplex Coolock Limited at a passing rent of €675,000 per annum

• The cinema extends to 3,475 sq m (37,404 sq ft) and is let to UCI (Ireland) Limited at a passing rent of €937,000 per annum.

• Very attractive combined WAULT of 18.84 years

• Long leasehold title

• For the avoidance of doubt this is an investment sale and the tenants are not affected

Bowling Alley, Quasar &

Children’s Play

10 Screen Odeon Cinema

LEISUREPLEXODEON CINEMA

CINEMA & LEISUREPLEX COOLOCK, DUBLIN 17

32 L E I S U R E I N V E S T M E N T O P P O R T U N I T Y

DRAFT

Clarehall Shopping Centre

TLC Carton Nursing Home

Donaghmede Shopping Centre

LEISUREPLEX

ODEON CINEMA

Coolock Retail Park

Malahide Road Industrial Park

R 1 0 7

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R136

R136

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N4N4

N7

N7 N81

N4

N3N2

N1

N32

N2

N2

N11

N11

N31

N31

N11

N81

N81

N81

N7

17

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15

1413

12

11

10

9

1

7

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5

4

2

1

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3

M1

M50

M50

M50

M50

M50

M11

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M50

M3

M2

M4

M4

M7

M7

M9

M7

DUBLINAIRPORTDUBLINAIRPORT

DUBLINDUBLIN

BallsbridgeBallsbridge

GlenagearyGlenagearySandyfordSandyford

RatfarnhamRatfarnham

DundrumDundrum

ChurchtownChurchtown

StillorganStillorgan

ClonskeaghClonskeagh

BlackrockBlackrock

MilltownMilltownTerenureTerenure

TempleogueTempleogue

FoxrockFoxrockLeopardstownLeopardstown

CarrickminesCarrickmines

CherrywoodCherrywood

DunLaoghaire

DunLaoghaire

DonnybrookDonnybrook

DrumcondraDrumcondra

DocklandsDocklands

Port TunnelPort Tunnel

BeaumontBeaumont

SantrySantryFinglasFinglas

CastleknockCastleknock

LucanLucan

AdamstownRailway Station


BallyfermotBallyfermot

WalkinstownWalkinstown

DUBLINDUBLIN

CitywestCitywest

BelgardBelgard

TallaghtTallaght

SaggartSaggart

PortmarnockPortmarnock

MalahideMalahide

ClontarfClontarf

HowthHowthSuttonSutton

SwordsSwords

DunboyneDunboyne

KilcloonKilcloon

CelbridgeCelbridge

StraffanStraffan

CastledillonCastledillon

BackwestonBackweston

Adamstown Adamstown

Moyglare HallMoyglare HallOngarOngar

LeixlipLeixlip

CloneeClonee

MaynoothMaynooth

RathcoffeyRathcoffey

FanaghFanagh

KilshanroeKilshanroe

The GreenhillThe Greenhill

StaplestownStaplestown

The CottThe Cott

BlackwoodBlackwood

RobertstownRobertstown

AllenwoodAllenwood

KilmeageKilmeage

AllenAllenCarraghCarragh

MilltownMilltown

ClonaghClonagh

NaasNaas

MullacashMullacash

BallymoreEustace

BallymoreEustace

BlessingtonBlessington

ManorKilbrideManor

Kilbride

BallinageeBallinagee

ArdcloughArdcloughClaneClane

KildareKildare

MaddenstownMaddenstown

BallysaxBallysax

EnfieldEnfield

RathroneRathrone

Dun Na SiDun Na SiArdrumsArdrums

DerrinturnDerrinturn

JohnstownBridge

JohnstownBridge

Thomas Omer WayThomas Omer Way



Thomas Omer WayThomas Omer Way

COOLOCKCOOLOCK

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JUNCTION 3

COOLOCKCOOLOCK

Ard Na Gréine


Clonshaugh Business & Technology Park

NorthernCross

Ard Na Gréine


Clonshaugh Business & Technology Park

NorthernCross

SUBJECT PROPERTYSUBJECT PROPERTY

Location The subject assets are situated at the corner of the Greencastle and Malahide road junction in Coolock, North Dublin approximately 7 km north-east of Dublin City Centre. The immediate vicinity comprises one of the largest residential catchments in Dublin City with a population of 76,349 (Source 2016 Census). More importantly this includes 30,814 people between the ages of five and 34 or 40.4% of the total population.

Commercial uses in the locality include Coolock Industrial Estate and Coolock Retail Park. We are aware that Coolock Industrial Estate has been ear-marked for rezoning to residential which will further increase the residential catchment in the medium term. Occupiers in Coolock Retail Park include McDonalds, Woodies, Topaz, Lidl, Halfords and Right Price Tiles. Clare Hall Shopping Centre and the Hilton Hotel are also located nearby.

Situation The Interest for sale comprises the long leasehold interests in the leisure and cinema buildings (for sale as one lot). The buildings sit on a site which extends to 2.72 Ha (6.73 Ac) which accommodates over 500 car parking spaces. The site includes a third retail building, let to Power City, and a Drive Thru Burger King. These buildings do not form part of this sale.

Transport Strategically located within close proximity to the Dublin Port Tunnel, The Cinema and Leisureplex have excellent access to principal routes including the M50 and M1 which provide expedient vehicular access to both Dublin Airport and Dublin City Centre. The property also benefits from accessible public transport with the 27, 42 and 43 Dublin Bus routes providing regular service to the surrounding suburbs.

The Cinema and Leisureplex have excellent access to the M50 and M1 which provide excellent access to both Dublin Airport and Dublin City Centre

Within 7 km of Dublin City Centre

Within 2 km of M50 Motorway

Within 3 km of Dublin Airport



Hilton Hotel

DRAFT

Description Leisure Building The property comprises a two-storey stand-alone building which extends to of 4,074 sq m (43,858 sq ft). The Leisureplex consists of a bowling alley, a quasar facility, a children’s play area, an arcade, pool/snooker room and offices.

Accommodation

Ground Floor (bowling alley and arcade) Approx. 2,036 sq m Approx. 21,934 sq ft

First Floor (quasar & children’s play area) Approx. 1,652 sq m Approx. 17,787 sq ft

First Floor (offices) Approx. 384sq m Approx. 4,136 sq ft

*All intending purchasers should satisfy themselves in relation to floor areas. The above measurements represent Gross Internal Area

Odeon The Cinema building is a part two-storey part single storey modern 10 screen cinema with the capacity to hold 2,189 people, making up 9% of the entire cinema capacity of Dublin. The building was recently refurbished and comprises two auditoriums and 8 ground floor cinema screens. The property extends to 3,475 sq m (37,405 sq ft)

Accommodation

Ground Floor (cinema) Approx. 3,473 sq m Approx. 37,391 sq ft

First Floor (office) Approx. 636 sq m Approx. 6,849 sq ft

All intending purchasers should satisfy themselves in relation to floor areas. The above measurements represent Gross Internal Area. Note that the rent review was agreed on the basis of the ground floor area only so we have not stated the first floor area anywhere else in this document



DRAFT

Tenancy Details Odeon Cinema The entire property is let to United Cinemas International (Ireland) Limited on a 25 x 5-year full repairing and insuring (FRI) lease from the 1st August 2008. The current passing rent is €937,000 per annum

Lesiureplex The entire property is let to Leisureplex Coolock Limited on a 25 x 5-year full repairing and insuring (FRI) lease from the 1st January 2019. The current passing rent is €675,000 per annum. The first and second rent reviews will be five-yearly CPI linked with a minimum uplift of 1% and a maximum uplift of 15% over each 5-year period. Rent reviews revert to open market in 2034.

The Cinema and Leisureplex are let to United Cinemas International (Ireland) Limited and Leisureplex Coolock Limited respectively


PLAN TO BE SUPPLIED

Gents WC

Ladies WC

Store

Store

Stairs

Store

Store

Foyer

Counter

SCREEN 1

SCREEN 2

SCREEN 3

SCREEN 4

SCREEN 5

SCREEN 6

SCREEN 7SCREEN 8

SCREEN 9

SCREEN 10

ENTRANCE

Floorplans

Odeon Cinema - Ground Floor

Leisureplex - Ground Floor


DRAFT

Further Information Pricing €22,000,000 representing a net initial yield of 6.75% (after deducting standard purchaser’s costs of 8.46%)

Viewings Viewings are strictly to be arranged through the sole selling agent, Savills.

Title Long leasehold

BER ratingBER rating: F – G

BOX OFFICE IN LOCAL CURRENCY ADMISSIONS

COUNTRY (CURRENCY 2017 CHANGE IN % 2017 CHANGE IN % PER CAPITA

Albania (ALL) 180.0 +7.0 0.3 +7.0 0.1

Bosnia and Herzegovina (BAM) 5.7 +21.0 1.1 +17.8 0.3

Austria (EUR) 130.2 –1.9 14.5 –3.6 1.7

Belgium (EUR) 161.0 +8.6 19.6 +0.8 1.8

Bulgaria (BGN) 50.7 +4.7 5.6 +0.8 0.8

Croatia (HRK) 134.2 +5.8 4.5 +5.7 1.1

Czech Republic (CZK) 2,004.2 –0.3 15.2 –2.5 1.4

Denmark (DKK) 1,080.8 –4.1 12.5 –8.1 2.2

Estonia (EUR) 19.4 +9.8 3.5 +6.7 2.7

Finland (EUR) 98.3 +8.8 8.9 +3.0 1.6

France (EUR) 1,380.6 –0.6 209.4 –1.8 3.3

Germany (EUR) 1,056.1 +3.2 122.3 +1.0 1.5

Greece (EUR) 65.0 +0.9 10.1 +0.7 0.9

Hungary (HUF) 20,652.4 +4.1 14.9 +2.1 1.5

Ireland (EUR) 113.8 +5.8 16.1 +2.1 3.4

Israel (ILS) 582.6 +7.0 18.2 +7.0 2.1

Italy (EUR) 584.8 –11.6 92.3 –12.4 1.5

Latvia (EUR) 12.9 +5.3 2.5 –1.6 1.3

Lithuania (EUR) 20.2 +14.0 4.0 +9.4 1.4

Luxembourg (EUR) 8.4 +3.8 1.2 +4.8 2.0

Macedonia (MKD) 82.0 +6.0 0.4 +9.0 0.2

Montenegro and Serbia (RSD) 1,463.1 +6.4 3.8 +7.3 0.5

Netherlands (EUR) 301.9 +4.9 36.0 +5.3 2.1

Norway (NOK) 1,260.9 –8.3 11.8 –10.3 2.2

Selling Agents Solicitors

Shane Corby John [email protected] [email protected]+353 (0)1 618 1450 +1 7755600

Darragh Doyle [email protected] +353 (0)1 618 1341

Fergus O’Farrell [email protected]+353 (0)1 618 1311

Economic OverviewIreland’s economy continues to power ahead with total output growth averaging 7.2% per annum over the past four quarters. The labour market is also performing especially well. Total employment is rising by 66,700 (+3%) per annum and there are more people employed in the Republic than ever before. Unemployment has fallen to 5.3%, leading to a more competitive labour market and four straight years of annual earnings growth. Greater numbers at work, coupled with increased earnings and consecutive tax cuts, have led to strong growth of over 5% in real aggregate disposable incomes in the last twelve months (see Figure 1). Adding to this, sustained growth in consumer credit balances is undoubtedly adding to consumers’ spending power.

Figure 1: Real Aggregate Household Disposable Income (4 Qtr Moving Average)

According to the UNIC, International Union of Cinemas, Ireland has the highest rating in Europe for cinema attendance per capita (see figure 2).

Figure 2: Cinema attendance across Europe per capita

-8

-6

-4

-2

0

2

4

6

8

2004

Q3

2005

Q1

2005

Q3

2006

Q1

2006

Q3

2007

Q1

2007

Q3

2008

Q1

2008

Q3

2009

Q1

2009

Q3

2010

Q1

2010

Q3

2011

Q1

2011

Q3

2012

Q1

2012

Q3

2013

Q1

2013

Q3

2014

Q1

2014

Q3

2015

Q1

2015

Q3

2016

Q1

2016

Q3

2017

Q1

2017

Q3

2018

Q1

2018

Q3

% C

hang

e Y/

Y

Source: CSO



DRAFT

PROPERTY MISREPRESENTATION ACT

The Vendors/Lessors and their Agents give note that the particulars and information contained in this brochure do not form any part of any offer or contract and are for guidance only. The particulars, descriptions, dimensions, references to condition, permissions or licences for use or occupation, access and any other details, such as prices, rents or any other outgoings are for guidance only and are subject to change. Maps and plans are not to scale and measurements are approximate. Whilst care has been taken in the preparation of this brochure intending purchasers, Lessees or any third party should not rely on particulars and information contained in this brochure as statements of fact but must satisfy themselves as to the accuracy of details given to them. Neither Savills Ireland nor Savills UK nor any of their employees have any authority to make or give any representation or warranty (express or implied) in relation to the property and neither Savills Ireland nor Savills UK nor any of their employees nor the vendor or lessor shall be liable for any loss suffered by an intending purchaser/lessees or any third party arising from the particulars or information contained in this brochure. Prices quoted are exclusive of VAT (unless otherwise stated) and all negotiations are conducted on the basis that the purchasers/ lessees shall be liable for any VAT arising on the transaction.

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DRAFT

cinema & leisure investment coolock, …...description leisure building the property comprises a...

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